Foreign Affairs Minister Samuel Okudzeto Ablakwa says Ghana is targeting an end to the export of raw materials by 2030 as part of efforts to add value to the country’s natural resources and achieve resource sovereignty.

Speaking during a panel discussion at Ruptures and Ramparts, Mr Ablakwa said Ghana must develop homegrown solutions and negotiate better deals to ensure its natural resources create more wealth for its people.

“And that is why, in Ghana, we have set a target that by 2030 we are no longer going to export any raw material, not one,” he said.

“Whether it's cocoa, whether it's gold, whether it's bauxite, whatever. We are going to add value. We are going to industrialize and make sure that we have resource sovereignty.”

‘Look within’ and negotiate better

Mr Ablakwa urged African countries to become more resilient and reduce their dependence on external partners.

“With all your gold or your diamond or your bauxite or your cocoa. Waiting for what? Friends? What kind of friendship is that? Look within. Be resilient. Come up with homegrown solutions. Negotiate better, add value,” he said.

He said Ghana’s approach would also involve renegotiating existing agreements to secure greater benefits from the country’s natural resources.

He cited Ghana’s interests in the gold and oil and gas sectors as examples of arrangements that he said had not generated enough value for the country.

“I mean, if you look at some of the agreements that forbears signed, I mean, for many, many decades of gold exploration, we only have a current interest of 10% and the 90% is out there, extracted, and the wealth is created elsewhere,” he said.

“I mean oil and gas - we discovered oil about almost two decades ago - it's just about what, 15%.”

Ghana to renegotiate resource agreements

Mr Ablakwa said the government had adopted a new approach to resource agreements, particularly leases coming up for renegotiation.

“So we have a new framework where we are negotiating hard and smart. We have said that all the leases that are coming up for renegotiation will not follow the same old template,” he said.

He said advances in technology, including artificial intelligence (AI) and generative tools, had made it possible for countries to develop their own internal capacity.

“Now technology is available and that's the benefit of AI and other generative tools we have today; you can buy them off the shelves and you can create your own internal capacity and make sure that your natural resources benefit the people,” he said.

‘A new paradigm’ for Africa

Mr Ablakwa acknowledged that the changing approach to international relations could mean a departure from an older model of cooperation.

“So yes, it's quite nostalgic. We miss the old order where you could trust people more and have more friends and be a bit more loyal and you can be invited to Delhi or Washington and trust the coffee you are served,” he said.

He, however, said the new approach presented an opportunity for African countries to use their resources to create wealth.

“But this new dispensation offers, particularly Africa, the most endowed continent - whether it's human resource, whether it's natural resources - a new paradigm,” he said.

“And smart leaders must take advantage and create new wealth for Africans. That's how we see it.”